Investments take back seat amid consumer struggles, survey finds
Investment and building wealth have taken a back seat as South African consumers focus on trying to get by.
According to a generational wealth survey, over 50% of consumers have taken out a microloan or an advance on their salary to put food on the table.
The survey by 1 Life Insurance has also found that over 57% of respondents say they are just surviving.
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Brand Manager Siphelele Sokhela says due to the economic crisis, many families are now unable to save for emergencies or grow generational wealth.
"We've got over 51% of respondents that are having to worry about their monthly household expenses such as rent, home loans, rates, utilities, et cetera. So, it’s quite interesting that this is where we're at. 73% of them still have to use their savings and investments to get by, which is impacting on the use of the income to making ends-meet or living hand to hand as opposed to being on that journey of creating wealth."
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